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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Interest and fees on loans $ 47,340 $ 73,720 $ 99,920 $ 151,484
Investment securities 10,938 6,500 19,698 11,704
Federal Reserve Bank and Federal Home Loan Bank stock 339 493 735 1,076
Short-term investments 480 786 1,012 2,006
Total interest income 59,097 81,499 121,365 166,270
Interest expense:        
Interest-bearing demand 271 361 578 727
Savings and money market 2,638 3,931 5,504 7,998
Time deposits of $100 or more 2,333 4,116 5,158 8,469
Other time deposits 3,778 6,638 8,223 13,863
Other borrowings 40 2,555 66 5,943
Subordinated debentures 3,366 3,200 6,668 6,300
Total interest expense 12,426 20,801 26,197 43,300
Net interest income 46,671 60,698 95,168 122,970
Provision for loan losses 23,000 83,000 33,000 125,000
Net interest income (loss) after provision for loan losses 23,671 (22,302) 62,168 (2,030)
Noninterest income:        
Service charges on deposit accounts and customer service fees 10,033 10,702 19,736 20,914
Gain on loans sold and held for sale 1,022 2,320 1,408 3,240
Net gain on investment securities 590 555 1,117 555
Net loss on derivative instruments (165) (763) (221) (2,090)
Decrease in fair value of servicing rights (1,880) (2,115) (2,369) (2,864)
Loan servicing fees 2,100 2,296 4,369 4,558
Other 3,502 7,349 5,286 11,439
Total noninterest income 15,202 20,344 29,326 35,752
Noninterest expense:        
Salaries and employee benefits 20,324 21,483 41,165 43,443
Occupancy, net of rental income 6,282 7,077 13,207 14,226
Furniture and equipment 3,247 3,742 6,476 7,539
Postage, printing and supplies 727 829 1,541 1,949
Information technology fees 6,612 7,023 13,108 14,396
Legal, examination and professional fees 3,219 2,930 6,282 6,384
Amortization of intangible assets 800 800 1,599 1,725
Advertising and business development 431 269 932 686
FDIC insurance 3,853 5,755 9,138 10,688
Write-downs and expenses on other real estate and repossessed assets 5,493 9,599 10,419 17,506
Other 6,291 6,573 12,258 13,462
Total noninterest expense 57,279 66,080 116,125 132,004
Loss from continuing operations before provision for income taxes (18,406) (68,038) (24,631) (98,282)
Provision for income taxes 72 48 124 153
Net loss from continuing operations, net of tax (18,478) (68,086) (24,755) (98,435)
Income from discontinued operations, net of tax 502 3,111 696 5,454
Net loss (17,976) (64,975) (24,059) (92,981)
Less: net loss attributable to noncontrolling interest in subsidiary (927) (27) (862) (464)
Net loss attributable to First Banks, Inc. (17,049) (64,948) (23,197) (92,517)
Preferred stock dividends declared and undeclared 4,447 4,217 8,835 8,378
Accretion of discount on preferred stock 864 843 1,719 1,676
Net loss available to common stockholders $ (22,360) $ (70,008) $ (33,751) $ (102,571)
Basic and diluted loss per common share from continuing operations (in dollars per share) $ (966.22) $ (3,090.27) $ (1,455.83) $ (4,565.55)
Basic and diluted earnings per common share from discontinued operations (in dollars per share) $ 21.22 $ 131.48 $ 29.42 $ 230.51
Basic and diluted loss per common share (in dollars per share) $ (945.00) $ (2,958.79) $ (1,426.41) $ (4,335.04)
Weighted average shares of common stock outstanding (in shares) 23,661 23,661 23,661 23,661